HDB released consolidated results for FY2020 with net profit totalling VND4.6tn (VND199mn; +15.6% YoY), achieving 103% of our FY2020 forecast. 2020 NII was up 22.1% YoY — achieving 104% of our FY2020 forecast — with consolidated NIM at 4.60% (-4 bps YoY) vs our 2020F NIM of 4.68%. The bottom line slightly surpassed our forecast due to higher-than-expected 2020 loan growth of 22% vs our forecast of 18%. We do not anticipate material changes to our earnings forecasts, pending a more extensive.